Entry of large South Korean firms has seen thousands of its
nationals flooding Indian cities, with nearly half of them located in Delhi and NCR. As Korean restaurants,
shops and clubs open up to cater to this large expatriate community, rental
scene, too, has benefited, says Vivek Shukla
Recently, in the wake of a very fruitful trip to India,
South Korean President Lee Myung-bak explored the possibility of more investments by Korean companies into India.
But, during his very hectic schedule here, he would have hardly been informed
by anybody that the swelling expatriate community from his country is doing
yeoman service in pushing rental scene in Delhi and NCR.
The list of South Korean companies with heavy investments in
India include POSCOIndia (subsidiary of South Korean steel producer POSCO),
real estate giant Maire Assets Global Investment, Parry Confectionary, MOBIS,
Poss Delhi Steel Processing Centre, along with various manufacturing
subsidiaries of LG, Hyundai and Samsung. As the number of South Korean firms
heads northwards, the number of South Korean expatriates too is swelling
commensurately.
If realty experts are to be believed, South Koreans have
outnumbered all other nationalities, for the sheer numbers concerned. There
would not be any good South Delhi colony where you will not find some South
Korean families, they say. They are in large concentrations in places like Green Park, Shanti Niketan,
Vasant Vihar, Uday Park, Defence Colony and other such areas.
According to Korean Association of India (KAI), there are
close to 8,000 South Koreans in Delhi, and 2,000 more if you add the numbers in
NCR. Importantly, the total number of KAI looks very impressive as apart from
employees from South Korean firms and diplomatic staff, a large number of
students have also come here for studies. “We get more requests from South
Koreans for suitable rented accommodation than any other expatriate community,”
says Devinder Gupta, chairman of realty advisory Century 21 India, adding,
“They are extremely hard bargainers and fight for every penny. I can tell you
from my long experience that they are the most demanding tenants.”
The entry of large Korean firms has also flooded other
Indian cities with Koreans. Chennai has been home to many Koreans since the
Hyundai plant opened there in 1995; but Delhi and Bangalore have become the new
hubs, with Korean restaurants, shops and clubs opening up.
According to Anil Makhijani of South Delhi based Mak
Associates, “They (South Koreans) prefer to stay in brand-new homes in South
Delhi, Gurgaon, Noida and Greater Noida. They do not live in houses that were
earlier occupied. They consider living in previously occupied house as ominous.
Apart from brand-new homes, they
ensure that the house they live in should have a bathtub. These are two most
important requirements of Koreans.” Alimuddin Rafi Ahmed, MD of ILD Developers,
says that they are trying to convince office bearers of KAI to use their good
offices to tell their compatriots to live in ILD’s readyto-enter flats in
Gurgaon and Sohna. “As Korean firms have many offices in these two NCR cities,
they would find our flats very suitable. They are spacious and brand-new. We
can provide them any other facility which they ask for,” he says. Some realty
firms may also follow suit. KAI was formed around 50 years ago, when three
Koreans moved to New Delhi after being released from prison in their war-torn
country. Today, the association has nearly 8,000 in Delhi alone. KAI president,
Kim Myung-Bo, recently took over from the original founding president, Hyuan,
whose home is still Delhi. Unlike Hyuan, most Koreans in India are here only
because of their jobs and leave after three or five years.
Chennai was the earliest hub of the Korean community in
India, thanks to Hyundai’s decision to open factories there in 1995. Koreans concentrated
largely in the Kilpauk township, which has acquired the nickname of “Little
Korea” as a result. However, the centre of gravity shifted away from Chennai as
later communities in Delhi and Bangalore experienced rapid growth after 2000.
More than half of all expatriate Koreans in India live in New Delhi. Another
fifth live in Mumbai, according to 2005 consular statistics. The community in
Chennai has also continued to grow; by 2009, media estimates suggest that as
many as 3,000 Koreans may be located in the Chennai area alone, up from about
700 in 2006.
Devinder Gupta says that as many South Korean restaurants
have opened in the national capital and NCR, they prefer to live close to them.
You would find many Korean restaurants in Green Park, Diplomatic Enclave,
Gurgaon, Khel Gaon Marg and Kingsway Camp. In all these areas, South Korean
restaurants like Gung, The Palace, Kumgang Gonie, K2 MGF Plaza, Aim Cafe are
doing brisk business. South Korean families throng them. All these restaurants
offer authentic Korean cuisine. Rakesh Tiwari, a tutor attached with Tutor Guru
(a coaching institute), says that Koreans based in this part of the country are
unique compared to other expatriates in the sense that many of them take the
service of some Hindi tutor to teach them good Hindi. So, when they leave
India, they have a fairly good knowledge of Hindi.
Another realty
expert says that though expatriates from other countries are not coming to
Delhi in the same numbers they used to until a couple of years ago, they
(Koreans) are still arriving here without any pause or break. Of course, due to
them, the rental scene is still very good.
Courtesy:- TOI dt:- 13-02-2010
For more information
regarding 4 bhk apartment, apartment in gurgaon, bedroom apartments, buy
property in india, commercial complex in india, commercial real estate,
commercial space in gurgaon, dealers, flats for sale, indian real estate
investment, investment options in real estate, luxurious flats, malls, office
space, office space in gurgaon, online real estate, penthouses gurgaon, plots,
property consultants, property in gurgaon, property india, property investment,
real estate company, real estate developer, real estate gurgaon, real estate in
india, real estate investment strategies, real estate market, real estate news,
real estate portals, realtors, realty, residence, residential real estate, sell
property, shop, villas, Residential Apartment
The Reserve Bank of India is pushing commercial banks hard
to pass on new
loan rates to its existing customers, rather than restrict the benefit of
lower rates just too new clients,
Sources in the central bank said an advisory was sent to
Indian Banks Association, the representative body of all commercial banks, on
January 22, asking them to be more transparent in their dealings with existing
customers.
At present, many private and public sector banks have been
offering home loans at rates as low as 8% while their benchmark lending rate,
which is applicable to old customers, remains as high as 10%-12%.
RBI CHANGES PRIME LENDING RATE SYSTEM TO BASE RATE
In order to make the credit market more transparent and
ensure that banks pass on the lower cost of fund automatically to existing
customers, RBI on Wednesday replaced the existing system of prime lending rate
(PLR) to a new base rate, which will be fixed on the basis of cost of funds.
The new system will be effective from April 1, 2010,
In a circular RBI said, ‘‘the actual lending rates charged
to borrowers would be the base rate plus borrower-specific charges, which will
include product-specific operating costs, credit risk premium and tenor
premium."
In the existing system, banks are free to fix their PLRs.
Most of the variable
rate loans, like home loan and some of the term loans are pegged against
PLR. This means, if the PLR is not changed, the loan rates remain the same.
Banks have taken advantage of existing PLR system at the
cost of their borrowers. When interest rates increase, banks hike their PLRs
immediately, leading to rise in the home loan rates. But, when interest rates
fall, they don't reduce PLRs. Because of this, the existing customers are not
benefited by the lowering of the interest rates. However, banks pass on the
benefit to new customers by increasing the discount against PLRs.
Under the new system, home loans and other variable loans
will be pegged against a base rate. As the new base rate is fixed on the basis
of cost of funds, any change in the interest rate will reflect in the base
rate. And therefore, it will be automatically passed on to the existing
customers also. At the same time, RBI has clearly said that the base rate will
be minimum rate for all
commercial loans and banks will not be permitted to resort to any rate
below it.
The circular said, base Rate shall include all those
elements of lending rates that are common across all categories of borrowers.
Courtesy:- TOI dt:- 11-02-2010
For more information
regarding 4 bhk apartment, apartment in gurgaon, bedroom apartments, buy
property in india, commercial complex in india, commercial real estate,
commercial space in gurgaon, dealers, flats for sale, indian real estate
investment, investment options in real estate, luxurious flats, malls, office
space, office space in gurgaon, online real estate, penthouses gurgaon, plots,
property consultants, property in gurgaon, property india, property investment,
real estate company, real estate developer, real estate gurgaon, real estate in
india, real estate investment strategies, real estate market, real estate news,
real estate portals, realtors, realty, residence, residential real estate, sell
property, shop, villas, Residential Apartment
After 6th pay award to government employees,
it is now the turn of lakhs of PSU
bank employees to earn a 17% pay hike, with arrears from 1997. With NCR alone having over a lakh bank employees, realty
firms are eyeing them as a captive customer bank, says
Sarthak
RK Bhandari, a senior official in
railways, had not thought of buying a
house before the implementation of 6th Pay Commission report for government
employees. And understandably so — before the report came in, his salary was
not enough to run both the household as well as pay an EMI on a home loan.
Once the much awaited pay commission report was implemented and salaries of
government employees increased appreciably, Bhandari booked a flat in a residential project of a
reputed realty firm in Ghaziabad.
"As my office is in Baroda House, I thought I should book my flat in Ghaziabad. That is
nearest to my office compared to other NCR
cities", says a delighted Bhandari.
Well, this is the story of a large number of government employees. There is no
doubt that last year, when realty sector was also facing the heat from economic
slowdown and people were loosing jobs, it was these government employees who
had given necessary push to realty firms. According to Samir Jasuja, CEO of
PropEquity, government employees were the ones to come to the rescue of realty
sector when the chips were down. It was a most unexpected bonanza for realty
firms. "The best thing about government employees was that there is no
issue of job loss for them. And, secondly, they got good hike in salaries after
6th pay commission report was implemented. That was enough for them to buy
their dream homes."
Realty experts say that even though many cash-rich
government employees with secure jobs are still looking for suitable homes, the
coming weeks and months would see a flurry of activity when public sector bank
employees would also get their new pay scale. The new pay scale has already
been implemented with an average hike of 17% in salaries. Now, realty firms
would and should try to woo them as well as bank employees will surely throng
new projects to book their flats.
In a recent survey by realty advisory, Century 21
India, around 12,000 flats would be available in both Ghaziabad and Greater Noida this year.
Devinder Gupta, CEO of Century 21 India, feels it is high time developers woo
both government employees and bank employees. "The over one lakh Delhi and NCR based bank employees can be tapped to buy
flats. As they do not get government accommodation, unlike many government
employees, they would like to buy their own houses," he says.
According to V K Suri, secretary of All India Bank
Officers' Association, there are over one lakh employees based in Delhi and NCR, and they would also get hefty arrears,
effective from November
1,1997. Moreover, they would be given new pay scales from, probably
next month. "I know for sure that many colleagues of mine have already
started looking for flats in the ongoing projects of various realty firms. Once
they get their arrears, as well as new pay, they would in all probability start
booking for their new homes," says Suri, who is also looking for a flat -
either in Ghaziabad
or Greater Noida - for investment purpose.
Do realty firms have a strategy to woo both government
and bank employees to book into their projects? Sunil Jindal, CEO of SVP
Developers, says that there cannot be any developer worth his salt who is
oblivious to the fact that they have a ready clientele in bank employees, even
as a large number of government employees are still on the look out for a
suitable home. "Our marketing guys are already on the job and they are
contacting government employees and bank employees. And due to their efforts,
we managed to sell over 200 flats in our projects in Indirapuram and Ghaziabad, during the
last 12 months or so," says Jindal.
The supply in Ghaziabad
will be spread across locations like Indirapuram,
Vaishali, Vasundhara and Raj Nagar Extension. According to a Knight Frank
report, 40% of this supply will be in the 3BHK category and 46% in the 2BHK
category. Due to availability of cheap land parcels on NH-58, Raj Nagar
Extension and NH-24, builders have explored these areas for developing
affordable projects. Supply in Greater Noida will be located in sectors Alpha,
Beta, Pi and Sigma. Ghaziabad
is all set to establish itself as a middle-class affordable realty destination,
while Greater Noida will emerge as a premium housing area. Realty experts also
point out that while Greater Noida means a good investment because of great
infrastructure, Ghaziabad
scores over Greater Noida because it is closer to the national capital.
"As Metro has already reached Noida and Ghaziabad, there is no
doubt that both these places will see a flurry of activity among new buyers of
flats," says Anil Sharma, MD of Amprapali group.
Meanwhile, Avinash Aggarwal, marketing director of OrangeCounty,
says that they (government employees) have always remained very high on their
agenda. That is a reason why developers always try to sell their products to
them. Aggarwal says that they follow values very vigorously and see to it that
they give them hundred per cent to their customers in terms of satisfaction.
Experts say that those who work for government or
semi-government organizations generally look for flats between the range of Rs
30 lakh and Rs 50 lakh.
Meanwhile, experts also say that there is still enough
scope to book flats in places like Gurgaon, Sohna, Sonipat, Bhiwadi, Faridabad and Meerut.
Prospective buyers should not ignore these places if
they want to invest money. "As they say, property always pays," says
Alimuddin Rafi Ahmed, MD of ILD group. In all these places, developers like
ILD, Omaxe, Supertech, DLF
and several others are building projects with great speed. Naturally, one would
not be a looser if they were to book flats in the projects of these players.
Today, National Highway 58 in Ghaziabad is among the important places to
invest in. This stretch has been seeing a lot of development and investment
potential. "For any person who is looking out for an affordable house, this stretch
promises a lot. Many developers are coming out with projects on this stretch to
meet burgeoning demand of middleclass end users," says Sanjeev Shrivastava, MD
of Assotech.
In a nutshell, it can be safely said that developers
will pull out all stops in wooing sarkari babus and banks employees over the
next couple of months.
Courtesy:- Times Property dtd:- 06-02-2009
FOR MORE INFO about Real Estate , Real Estate Agents, Real Estate
Funds, Office Space, Commercial Space, Commercial Complex, Commercial
Complex in Delhi, Office Space in Delhi Please visit our websitehttp://www.zameen-zaidad.com
After 6th pay award to government employees,
it is now the turn of lakhs of PSU
bank employees to earn a 17% pay hike, with arrears from 1997. With NCR alone having over a lakh bank employees, realty
firms are eyeing them as a captive customer bank, says
Sarthak
RK Bhandari, a senior official in
railways, had not thought of buying a
house before the implementation of 6th Pay Commission report for government
employees. And understandably so — before the report came in, his salary was
not enough to run both the household as well as pay an EMI on a home loan.
Once the much awaited pay commission report was implemented and salaries of
government employees increased appreciably, Bhandari booked a flat in a residential project of a
reputed realty firm in Ghaziabad.
"As my office is in Baroda House, I thought I should book my flat in Ghaziabad. That is
nearest to my office compared to other NCR
cities", says a delighted Bhandari.
Well, this is the story of a large number of government employees. There is no
doubt that last year, when realty sector was also facing the heat from economic
slowdown and people were loosing jobs, it was these government employees who
had given necessary push to realty firms. According to Samir Jasuja, CEO of
PropEquity, government employees were the ones to come to the rescue of realty
sector when the chips were down. It was a most unexpected bonanza for realty
firms. "The best thing about government employees was that there is no
issue of job loss for them. And, secondly, they got good hike in salaries after
6th pay commission report was implemented. That was enough for them to buy
their dream homes."
Realty experts say that even though many cash-rich
government employees with secure jobs are still looking for suitable homes, the
coming weeks and months would see a flurry of activity when public sector bank
employees would also get their new pay scale. The new pay scale has already
been implemented with an average hike of 17% in salaries. Now, realty firms
would and should try to woo them as well as bank employees will surely throng
new projects to book their flats.
In a recent survey by realty advisory, Century 21
India, around 12,000 flats would be available in both Ghaziabad and Greater Noida this year.
Devinder Gupta, CEO of Century 21 India, feels it is high time developers woo
both government employees and bank employees. "The over one lakh Delhi and NCR based bank employees can be tapped to buy
flats. As they do not get government accommodation, unlike many government
employees, they would like to buy their own houses," he says.
According to V K Suri, secretary of All India Bank
Officers' Association, there are over one lakh employees based in Delhi and NCR, and they would also get hefty arrears,
effective from November
1,1997. Moreover, they would be given new pay scales from, probably
next month. "I know for sure that many colleagues of mine have already
started looking for flats in the ongoing projects of various realty firms. Once
they get their arrears, as well as new pay, they would in all probability start
booking for their new homes," says Suri, who is also looking for a flat -
either in Ghaziabad
or Greater Noida - for investment purpose.
Do realty firms have a strategy to woo both government
and bank employees to book into their projects? Sunil Jindal, CEO of SVP
Developers, says that there cannot be any developer worth his salt who is
oblivious to the fact that they have a ready clientele in bank employees, even
as a large number of government employees are still on the look out for a
suitable home. "Our marketing guys are already on the job and they are
contacting government employees and bank employees. And due to their efforts,
we managed to sell over 200 flats in our projects in Indirapuram and Ghaziabad, during the
last 12 months or so," says Jindal.
The supply in Ghaziabad
will be spread across locations like Indirapuram,
Vaishali, Vasundhara and Raj Nagar Extension. According to a Knight Frank
report, 40% of this supply will be in the 3BHK category and 46% in the 2BHK
category. Due to availability of cheap land parcels on NH-58, Raj Nagar
Extension and NH-24, builders have explored these areas for developing
affordable projects. Supply in Greater Noida will be located in sectors Alpha,
Beta, Pi and Sigma. Ghaziabad
is all set to establish itself as a middle-class affordable realty destination,
while Greater Noida will emerge as a premium housing area. Realty experts also
point out that while Greater Noida means a good investment because of great
infrastructure, Ghaziabad
scores over Greater Noida because it is closer to the national capital.
"As Metro has already reached Noida and Ghaziabad, there is no
doubt that both these places will see a flurry of activity among new buyers of
flats," says Anil Sharma, MD of Amprapali group.
Meanwhile, Avinash Aggarwal, marketing director of OrangeCounty,
says that they (government employees) have always remained very high on their
agenda. That is a reason why developers always try to sell their products to
them. Aggarwal says that they follow values very vigorously and see to it that
they give them hundred per cent to their customers in terms of satisfaction.
Experts say that those who work for government or
semi-government organizations generally look for flats between the range of Rs
30 lakh and Rs 50 lakh.
Meanwhile, experts also say that there is still enough
scope to book flats in places like Gurgaon, Sohna, Sonipat, Bhiwadi, Faridabad and Meerut.
Prospective buyers should not ignore these places if
they want to invest money. "As they say, property always pays," says
Alimuddin Rafi Ahmed, MD of ILD group. In all these places, developers like
ILD, Omaxe, Supertech, DLF
and several others are building projects with great speed. Naturally, one would
not be a looser if they were to book flats in the projects of these players.
Today, National Highway 58 in Ghaziabad is among the important places to
invest in. This stretch has been seeing a lot of development and investment
potential. "For any person who is looking out for an affordable house, this stretch
promises a lot. Many developers are coming out with projects on this stretch to
meet burgeoning demand of middleclass end users," says Sanjeev Shrivastava, MD
of Assotech.
In a nutshell, it can be safely said that developers
will pull out all stops in wooing sarkari babus and banks employees over the
next couple of months.
Courtesy:- Times Property dtd:- 06-02-2009
FOR MORE INFO about Real Estate , Real Estate Agents, Real Estate
Funds, Office Space, Commercial Space, Commercial Complex, Commercial
Complex in Delhi, Office Space in Delhi Please visit our websitehttp://www.zameen-zaidad.com
JNNURM
projects will enable Faridabad achieve global standards of living and improve
quality of life of its residents as infrastructural problems will be smoothened
out. Developers and investors will also be tempted to put money here, says
Brix Research
Infrastructure
is the backbone of any city for its efficient functioning and the full
utilization of its potential as a city. Faridabad is one of the oldest
industrial townships in National Capital Region (NCR).
With 300 large and 10,000 small-scale industries, it is an emerging real estate
hub. Renowned developers like Omaxe,
BPTP, SRS, and Parsvnath have launched their projects in the city. Projects
based on international standards with state-of-the-art facilities are being
developed both in residential and commercial category.
A city's economic activities are heavily dependent on infrastructural
facilities like power, telecom, roads, water supply and mass transportation,
coupled with civic infrastructure. But in Faridabad, as in most other urban
areas in India, infrastructure assets were created years ago and have been
languishing due to inadequate organization and management by state governments
and local urban bodies.
Realizing the importance of infrastructure upgradation, the government launched
an ambitious programme, Jawaharlal Nehru National Urban Renewal Mission
(JNNURM). Its main objective is to encourage reforms and fast-track planned
development in select cities. The focus is on efficiency in urban
infrastructure and service delivery mechanisms, community participation, and
accountability of urban local bodies to citizens.
Like any other urban area in the country, Faridabad's
infrastructure was also suffering from crippling defects and inadequate
attention from sate government and local bodies. Old municipal towns of Old
Faridabad, Ballabgarh and New Industrial Town (NIT), along with 38 revenue
villages, make Faridabad the biggest urban agglomerate in Haryana. Faridabad
has the maximum number of sectors for any development plan in Haryana and is
the only municipal corporation in the state. Yet, the city's infrastructure is
in a deplorable state. "Though developers
of projects are providing basic amenities like 24-hour power backup and are
even purchasing water to provide to townships, unless basic services are taken
care of by government, Faridabad will be unable to realize its dream of
becoming a world-class real estate destination," says Pawan Kumar, a
city-based realtor.
But JNNURM has brought hope for citizens of the city,
who have for long borne the brunt of bad infrastructure. National Buildings
Construction Corporation Limited is the implementing agency of JNNURM in
Faridabad and has sanction for six projects. Out of these, two are housing
projects while the rest are urban infrastructural development projects. One of
the housing projects is in Dabua Colony in NIT while the other is at Bapu Nagar
in Ballabgarh. Dabua Colony project has 1,968 units while the Bapu Nagar
project has 1,280 units.
Both these projects were launched to facilitate
rehabilitation of urban poor. Being an industrial urban area, Faridabad sees a
massive influx of migrants from adjoining states, which leads to uncontrolled
slums and unauthorized colonies, and now, this has posed a challenge to the
city and its administration. But JNNURM projects have come to the city's rescue
- launched on July 6, 2007, they are likely to be completed by March 2009.
The Dabua Colony project has a sanctioned amount of
around Rs 38.12 crores while the Bapu Nagar project has been awarded around Rs
25 crores under JNNURM. Out of this amount, the government of India has pitch
in with 50%, the state 20% and the remaining 30% has to be provided by
Municipal Corporation of Faridabad (MCF). The houses are in the category of builder-floor apartments, each three
storeys high, in addition to a ground floor. Though 2,500 houses are ready and
200 have already been allotted, the projects have overshot their deadline for
completion in March 2009. The delay in completion is due to lack of funds as
the central government is yet to pay the final installment of its share of the
sanctioned amount.
The other four projects have targeted infrastructure of
the city in terms of sewerage, drainage and waste management. These projects
aim not only to create new infrastructural assets but also improve and renew
existing ones. Revamping/Laying of Sewerage System was launched around the same
time as the housing projects and is
likely to be completed by March 2010. The project targets Old Faridabad. It is
an area that includes the city's current retail hubs like Sector 15. The total
sanctioned amount for the project is around Rs 103 crores. The project work is
going on in full swing with almost 80% of it completed.
Another JNNURM project that covers Old Faridabad is
Improvement of Drainage System, which was sanctioned in April 2007, and work on
it started in November 2007. Work on any JNNURM project begins 5-6 months after
its sanction. The expected completion date has been set as April 2010 and Rs 30
crore has been allocated for the project. Almost 50% of the work on the project
has been completed.
Two projects, Integrated Solid Waste Management and
Augmentation of Water Supply, cover the entire city in their ambit. The waste
management project was sanctioned in July 2007 while the other one in January
2009. Work on these projects started around November 2007 and July 2009
respectively. Around Rs 76 crore has been allocated to the waste management
project while Rs 493 crore has been sanctioned for the water supply project.
Expected date of completion of the water supply project is March 2012, while
the waste management project is slated for completion in March 2010. Nearly 20%
and 40% work has been completed on both the respective projects.
Aimed at betterment of the city, the projects will
enable Faridabad achieve global
standards of living and improve quality of life of its residents. With
infrastructural problems taken care of, more and more developers and investors
will be attracted towards the city.
Prices of government property will be lower than those
of private developers as these housing projects are being constructed under
planned expenditure of the Union and state governments. Property rates are
otherwise expected to rise across the city. According to Pawan Kumar, a city
based realtor, "With completion of these projects, the city will be armed
with excellent infrastructural facilities in comparison to Gurgaon and Noida,
and help Faridabad shine on Indian real estate map."
Enhanced
connectivity to NCR cities, a slew
of retail and office projects combined with affordable rates are pushing
Faridabad's commercial profile, which is expected to take off in next couple of
years, finds
Brix Research
Bound
by Delhi to its
North, Faridabad
has been a major industrial township of the NCR.
However, its growth has not been as rapid as that of other NCR hubs such as Delhi, Gurgaon and Noida, and its full
potential has yet to be explored. Today, Faridabad
has opened up new areas like Neharpar and Greater Faridabad for development,
along with a proposed Metro rail link. This has led to an enhanced interest in
the real estate of the city.
In recent times, Faridabad's
real estate has seen a steep escalation in property values, enhancing its
appeal as a serious real estate market. Earlier, ignored by investors and
developers alike, the city has suddenly witnessed a surge in real estate
activity, both in commercial and residential
property. The biggest draw is that property is still available at
affordable rates and there is ample land that can be developed.
Areas like Neharpar and Greater Faridabad are being
developed as residential hubs. But with the upcoming Metro rail link and the
construction of Badarpur flyover, developers have woken up to Faridabad's immense potential in being
developed as a fully-fledged commercial area. Due to these reasons the
commercial property sector is now bustling with activity.
One of the most conspicuous developments in this sector
is multiplicity of malls that have sprung up. CrownePlaza
in Sector 15A and SRS mall in
Sector 12, the oldest malls in Faridabad,
have been around for a long time as the only shopping centres for residents of
the city. But now, citizens can brace themselves to a huge surge in the number
of malls here. Around 22-24 malls are coming up within a radius of 10-15km of
the Metro link-route, between Badarpur and Mathura Road.
Malls like Crown Interiors, Manhattan, and Sewa have already opened while
Nirula's Mega Mart will be ready for occupation this year. Malls like BPTP's
Next Shopping Arcade, Vardhman's Star
Mall, MB Mall and
Gardenia Sky Mall are at different stages of construction and are expected to
be ready by end-2010. Each unit of 200-1,200 sq ft are available in the price
range of Rs 10,000 to Rs 15,000 per sq ft. "Malls are a fairly new concept
for Faridabad and have sprung up in the last five years. But their potential
will be realized in the next 4-5 years, impacting the business of local
shopping complexes," says Manoj Rastogi of Agarwal Properties. Faridabad
does not have a clearly defined commercial area consisting of office or retail
space. Each locality has its own local market, catering to the daily needs of
residents. These markets are a mix of individual
shops, office space, local shopping complexes, all rolled into one.
Areas like NewIndustrialTown,
Old Faridabad and Sector 15 have been the hub of retail activity in Faridabad. These areas
have a clutter of individual shops in local shopping complexes. Each shop of
200 sq ft has been valued in the range of Rs 35 to Rs 40 lakh. In townships
like Greenfields, a 100 sq ft single shop is valued in the range of Rs 9 to Rs
35 lakh. But the old hubs have hardly seen any improvement, either in terms of
infrastructural facilities or any new projects.
Today, a large number of business and IT parks are
coming up in the city. Many big developers like Piyush Group, BPTP, SRS
Group are setting up their projects within 5-6km of Mathura Road, Faridabad's
connecting point to the rest of Delhi.
These projects are being built according to international standards with
stateof-the-art facilities.
As a result, there is a new breed of buyers who have
entered market as investors. On the one hand, there are projects like Piyush
Group's IT park, Global I, which is set to provide office space with
world-class facilities by 2011. Spread across an area of approximately 3.9 lakh
sq ft, Global I will provide exclusive office space in an environment-friendly
green building. Strategically located on NH-2, it offers office space with a
minimum area of 400 sq ft, valued in the range of Rs 7,000 to Rs 11,000 per sq
ft and will have facilities compatible with global standards.
Then there is BPTP's The Next Door, a modern-day
shopping complex that will offer both office and retail space. With an area of
approximately 1.72 acres, the complex will house 270 units, out of which 160
are shops and 106 units are for office space. Located in Sector 76, it is
reasonably valued in the range of Rs 3,000 to Rs 6,500 per sq ft.
Another project by BPTP is Park Square, which is a
commercial complex with a heady mix of retail shops, office space, multiplex
and a food court. It is located in BPTP's Parkland,
an integrated township, in the fast developing area of Neharpar and is aimed at
providing a world-class shopping and working environment. The demand for
commercial space has already increased by nearly 60% and is expected to rise
further as most of these projects will be ready for possession by mid-2010.
With demand being matched by supply, the city has
turned into a suitable destination for new business endeavours. With
world-class office and commercial space
coming up, the city is an attractive option for various MNCs. The major reasons
for this surge in real estate activity can be attributed to the city's
increasing connectivity and its reasonable price range, compared to other NCR cities. The upcoming Metro link, the Badrpur
flyover and the proposed Noida Expressway will not just solve commuting
problems of the city but will also be its USP, which will attract developers,
buyers and investors, equally. Moreover, its affordable price range gives it an
edge over other cities.
According to Manoj Rastogi, "In the next 7-8
years, with better infrastructural facilities, improved connectivity and
affordability Faridabad will be an ideal destination for investment and
purchase of property and preferred by the next generation professionals."
JNNURM
projects will enable Faridabad achieve global standards of living and improve
quality of life of its residents as infrastructural problems will be smoothened
out. Developers and investors will also be tempted to put money here, says
Brix Research
Infrastructure
is the backbone of any city for its efficient functioning and the full
utilization of its potential as a city. Faridabad is one of the oldest
industrial townships in National Capital Region (NCR).
With 300 large and 10,000 small-scale industries, it is an emerging real estate
hub. Renowned developers like Omaxe,
BPTP, SRS, and Parsvnath have launched their projects in the city. Projects
based on international standards with state-of-the-art facilities are being
developed both in residential and commercial category.
A city's economic activities are heavily dependent on infrastructural
facilities like power, telecom, roads, water supply and mass transportation,
coupled with civic infrastructure. But in Faridabad, as in most other urban
areas in India, infrastructure assets were created years ago and have been
languishing due to inadequate organization and management by state governments
and local urban bodies.
Realizing the importance of infrastructure upgradation, the government launched
an ambitious programme, Jawaharlal Nehru National Urban Renewal Mission
(JNNURM). Its main objective is to encourage reforms and fast-track planned
development in select cities. The focus is on efficiency in urban
infrastructure and service delivery mechanisms, community participation, and
accountability of urban local bodies to citizens.
Like any other urban area in the country, Faridabad's
infrastructure was also suffering from crippling defects and inadequate
attention from sate government and local bodies. Old municipal towns of Old
Faridabad, Ballabgarh and New Industrial Town (NIT), along with 38 revenue
villages, make Faridabad the biggest urban agglomerate in Haryana. Faridabad
has the maximum number of sectors for any development plan in Haryana and is
the only municipal corporation in the state. Yet, the city's infrastructure is
in a deplorable state. "Though developers
of projects are providing basic amenities like 24-hour power backup and are
even purchasing water to provide to townships, unless basic services are taken
care of by government, Faridabad will be unable to realize its dream of
becoming a world-class real estate destination," says Pawan Kumar, a
city-based realtor.
But JNNURM has brought hope for citizens of the city,
who have for long borne the brunt of bad infrastructure. National Buildings
Construction Corporation Limited is the implementing agency of JNNURM in
Faridabad and has sanction for six projects. Out of these, two are housing
projects while the rest are urban infrastructural development projects. One of
the housing projects is in Dabua Colony in NIT while the other is at Bapu Nagar
in Ballabgarh. Dabua Colony project has 1,968 units while the Bapu Nagar
project has 1,280 units.
Both these projects were launched to facilitate
rehabilitation of urban poor. Being an industrial urban area, Faridabad sees a
massive influx of migrants from adjoining states, which leads to uncontrolled
slums and unauthorized colonies, and now, this has posed a challenge to the
city and its administration. But JNNURM projects have come to the city's rescue
- launched on July 6, 2007, they are likely to be completed by March 2009.
The Dabua Colony project has a sanctioned amount of
around Rs 38.12 crores while the Bapu Nagar project has been awarded around Rs
25 crores under JNNURM. Out of this amount, the government of India has pitch
in with 50%, the state 20% and the remaining 30% has to be provided by
Municipal Corporation of Faridabad (MCF). The houses are in the category of builder-floor apartments, each three
storeys high, in addition to a ground floor. Though 2,500 houses are ready and
200 have already been allotted, the projects have overshot their deadline for
completion in March 2009. The delay in completion is due to lack of funds as
the central government is yet to pay the final installment of its share of the
sanctioned amount.
The other four projects have targeted infrastructure of
the city in terms of sewerage, drainage and waste management. These projects
aim not only to create new infrastructural assets but also improve and renew
existing ones. Revamping/Laying of Sewerage System was launched around the same
time as the housing projects and is
likely to be completed by March 2010. The project targets Old Faridabad. It is
an area that includes the city's current retail hubs like Sector 15. The total
sanctioned amount for the project is around Rs 103 crores. The project work is
going on in full swing with almost 80% of it completed.
Another JNNURM project that covers Old Faridabad is
Improvement of Drainage System, which was sanctioned in April 2007, and work on
it started in November 2007. Work on any JNNURM project begins 5-6 months after
its sanction. The expected completion date has been set as April 2010 and Rs 30
crore has been allocated for the project. Almost 50% of the work on the project
has been completed.
Two projects, Integrated Solid Waste Management and
Augmentation of Water Supply, cover the entire city in their ambit. The waste
management project was sanctioned in July 2007 while the other one in January
2009. Work on these projects started around November 2007 and July 2009
respectively. Around Rs 76 crore has been allocated to the waste management
project while Rs 493 crore has been sanctioned for the water supply project.
Expected date of completion of the water supply project is March 2012, while
the waste management project is slated for completion in March 2010. Nearly 20%
and 40% work has been completed on both the respective projects.
Aimed at betterment of the city, the projects will
enable Faridabad achieve global
standards of living and improve quality of life of its residents. With
infrastructural problems taken care of, more and more developers and investors
will be attracted towards the city.
Prices of government property will be lower than those
of private developers as these housing projects are being constructed under
planned expenditure of the Union and state governments. Property rates are
otherwise expected to rise across the city. According to Pawan Kumar, a city
based realtor, "With completion of these projects, the city will be armed
with excellent infrastructural facilities in comparison to Gurgaon and Noida,
and help Faridabad shine on Indian real estate map."
- All modern facilities
including modular kitchens, swimming pool, health club and more.
- Easy approach from
Malls, Schools and Hospitals.
- Convenience of
shopping complex and play school.
You can get more information about this 3 bedroom Multistory
Apartments, real estate information, real estate investment options, real
estate agents information and information about 2 bedrooms flats for sale, 3
bedrooms flats for sale, 4 bedrooms flats for sale in gurgaon and delhi /NCR
and also we provides real estate services like property for sale, project for
sale, property investment, buy houses, sale houses, homes buyers, homes sellers
and many more
in Sec- 109, Gurgaon
, new proposed one connecting to North West Delhi Walking distanc from proposed
metro hub at the intersection of South Delhi- Gurgaon metro line and the Dwarka
metro line Proposed ISBT project coming up in close vicinity.
Vatika India Next will be life beyond your imagination,
where living will be more comfortable and approachable due to its strategic
location and world class infrastructure.
A mega " Future Ready" integrated township
project. Strategically located on the intersection of two 8 lane expressway's -
the NH8, and the new proposed one connecting to North West Delhi Walking
distance from proposed metro hub at the intersection of South Delhi- Gurgaon
metro line and the Dwarka metro line Proposed ISBT project coming up in close
vicinity. Spread through the prime sectors 82, 82A, 83, 84, 85.
You can get more information about this 3 bedroom Multistory
Apartments, real estate
information, real estate investment options, real estate agents information
and information about 2 bedrooms flats for sale, 3 bedrooms flats for sale, 4
bedrooms flats for sale in gurgaon and delhi /NCR and also we provides real
estate services like property for sale, project for sale, property investment,
buy houses, sale houses, homes buyers, homes sellers and many more
A
residential apartment, covering an area of 3,600 sq ft, was leased out in
the premium residential precinct of Vasant Vihar in South-West Delhi for a monthly
rental value of Rs 3,00,000 per month. The apartment is located on the second
floor of an independent residential building. South-West Delhi, including
Shanti Niketan, Westend, Anand Niketan and Vasant Vihar, has been commanding
average rental value in the range of Rs 2,50,000–4,00,000 per month for
high-end apartments (units admeasuring 2,000–4,000 sq ft) and this apartment is
well within the range. South-West Delhi has
been a preferred location for residence, especially among senior corporate
executives, high networth individuals and expatriates. The area is
advantageously located within an approachable distance from CBD and SBDs and
from Gurgaon — the emerging commercial centre, apart from being close to the
national and international airports.
An apartment,
admeasuring 1,198 sq ft, was sold in Gachibowli for around Rs 36,00,000.
The apartment is located in a gated community being constructed by a reputed
developer. It commanded a per sq ft rate of approximately Rs 3,000. Gachibowli
is located close to the IT Hub in and around Madhapur and has, in the last few
years, seen some residential activities in support of the
growing commercial office space in the location. While capital values for
midsegment apartments had remained stagnant over most of last year as a result
of the economic slowdown, values have seen a moderate increase of 4% in the
last quarter of 2009. This is largely due to the strengthening of demand in the
region as economic stability returns to the Indian market.
Over the past quarter, the office real estate market has
seen a rise in the level of enquiries, which has also resulted in enhanced deal
velocity.
While the IT/ ITeS sector has been slow to get onto the
recovery path, corporate office space takeup has been quite encouraging. FIs,
FMCG and telecom sectors have all contributed to this. The volumes are not yet
large, but at least the market is showing signs of life.
As supply has overtaken demand, leading to tougher
competition, prospective tenants can choose from better quality developments.
This is encouraging for the real estate sector as a whole, with commitment to
quality finally getting its due, says a report by CB Richard Ellis entitled
`India Office Market View - Q4, 2009'.
In all the seven cities presented in this review, the level
of activity in the
office space sector has risen noticeably. Rentals in the central business
districts (CBDs) of Delhi NCR, Bangalore, Hyderabad and Kolkata remained
constant; in Mumbai and Chennai, the rentals dropped by 3 per cent; and in
Pune, the drop was 5 per cent owing to limited leasing activity. The year 2010
brings hope of a fresh start.
Commenting on the findings of the report, Anshuman Magazine,
chairman and MD, CB Richard Ellis, South Asia, says, "Since the third
quarter of 2009, the office segment has seen some movement, with corporates
slowly returning to the market. During 2010, demand is expected to improve,
although the rentals are expected to remain flat in the medium term, due to the
forecast of large supply."
As
for the Delhi NCR market, 2009 ended on a fairly buoyant note, thanks to
the largest leasing transaction recorded in the central business district (by a
non-PSU/state entity), involving the take-up of approximately 60,000 sq. ft.
Rationalised rental values led to high levels of leasing interest, vacancy
levels were around 13-14 per cent and rental values remained constant.
Due to poor leasing activity, the vacancy rate in the secondary
business district of Nehru Place rose from 12 per cent in Q3 2009 to 21 per
cent in Q4 2009. The lack of demand, coupled with a large quantum of supply, is
expected to keep rentals low in this micro market.
Activity also remained subdued at Saket District Centre,
where rentals and vacancy levels were more or less stagnant. Jasola District
Centre witnessed a revival of interest from prospective tenants, while
absorption was recorded at approximately 83,000 sq. ft. This is attributed to
attractive values, improved infrastructure and upcoming Metro connectivity.
However, though rental values here remained stable in the last quarter, the
surplus supply led to a drop of 29 per cent year-on-year.
Gurgaon yet again observed increased levels of leasing activity
across the existing as well as upcoming hubs, namely DLF Cybercity, MG Road,
Golf Course Road, Sohna Road and Old Gurgaon Highway. The IT/ITES sector
finally seems to be on recovery mode. Rental values remained at the same level
as in the third quarter, and are expected to remain stable or appreciate
marginally in the short to medium term.
Barring a few small transactions, no sizeable deals were
reported in the Noida micro market.
Market outlook
Office space market in the NCR indicates a positive trend.
Demand and take-up levels have gone up over the past two quarters and values
across most major micro markets seem to have stabilised.
Mapsko Group has come up with `Mapsko City homes', which is
going to be built over an area of 1,29,000 sq. ft, in Sector 27, Sonepat .
According to Rajiv Singla, MD, Mapsko Group, "Today, Sonepat is coming up
as one of the fastest growing residential township hub where investors are
hurrying to own a property. We have decided to set a landmark through Mapsko City Homes in
Sonepat. The project is providing independent floors to consumers."
Courtesy:- HT Estates dt:- 16-jan-2010
2 Bedroom flats Multistory apartments for sale in Faridabad
Description – KLJ Greens, 2 Bedroom
flats Multistory apartments for sale @Rs. 24,30,100 in Sector 77 in
Faridabad. Near the proposed expressway which puts in close proximity to Delhi and Noida. Best
accessibility of Project from FNG Expressway, Proposed Metro Station Just 3 Kms
At a short drive from New Delhi is the upcoming project in
Faridabad - KLJ Greens. the complex is meticulously planned with 2, 3 and 4 bedroom
apartments, earthquake resistant structure, power back-up and round the
clock security.For recreation and rejuvenation the complex will have a club,
swimming pool, tennis court, greens and jogging tracks. there will also ba a
shopping centre stocking the best brands, as well as provision for medical
facilities for the residentsStructure: Earthquake resistant R.C.C. framed
structure with infill brickwork.
Wall Finish: Internal – All internal walls plastered &
painted in pleasing shades of oil bound distemper & P.O.P. Cornice in
drawing & dining areas.
External – Aesthetically designed classical exterior with
texture paint finish.
Flooring: Living / Dining – Vitrified tile flooring
Bedrooms -Vitrified
tile flooring
Balconies – Anti skid Ceramics tiles
Toilets: Dado – Selected ceramics tiles
Flooring – Anti skid ceramic tile flooring & granite
counter top for washbasins
Fittings – Washbasin, EWC, a mirror, tower rail, hot &
cold water mixer fittings (without geyser)
Dado – Ceramic tiles upto 2’-0” height above working
platform, rest with acrylic emulsion paint
Platform – Working platform in granite top with stainless
steel sink
Windows: Powder coated aluminum windows / equivalent with
shutters
Doors: All doors shall be hardwood frame / quality flush
doors.All door shutters shall be flush type except main entrance door, which
shall be of decorative type with eye piece, night latch, safety chain &
good quality brass fittings.
Water Supply: Hot & cold water mixing arrangement in
each flats, 24 hours water supply ensured with large underground &
over-head tank with boosting arrangement.
Electrical: PVC recessed copper wiring with provision of A/C
point in all rooms with convenient & adequate provision of light &
power points as well as T. V. & telephone points in all rooms.
Lifts: Granite finish lift lobby for electricity controlled
lifts with 100% power backup.
Fire System: Fire protection system in accordance with the
latest NBC code
Power Supply: 3 phase connection in all flats with mandatory
power backup facilities of 5 K.V.A.
Granite counter with twin bowl stainless steel sink drain
board and CP fittings
Flush Door with wooden frame, Window panes with glazed
aluminium/durable wood.
Living/Dining : Choice of shades of acrylic emulsion
paint/ceiling in distemper
Vatika Group launches primrose floors II “Iris and Emilia
Floors” at Vatika India Next in Sec 82, Gurgaon.
Offering residential apartments, The apartments provide all that you have
desired for your dream home at affordable prices. The infrastructure conforms
to international standards with lush landscapes and well planned street
architecture. So catch your breath at fabulous price as your dream home unfolds
at a dream location.
The above price is inclusive of one dedicated surface car
parking, EDC/IDC (existing) & provision of wiring for Inverter
I.F.M.S (Interest free maintenance security) : As
applicable, to be paid to the maintenance agency at the time of possession.
Unitech,
the country’s second-largest developer, sold over 13 million sq ft in the
April-December period. This is more than a four-fold increase over the 3
million sq ft it sold in the whole of 2008-09.
The value of sales booked during the nine-month period is
about Rs 5,550 crore, the company said in a corporate presentation. Over 80 per
cent of the sales are in the residential category.
“The financial year 2009 was one of the slowest periods for
property sales and we booked very limited number of properties. But property
sales have certainly picked up (since then), and this is reflected in our
numbers,”’ a Unitech spokesperson said.
The company’s average realisation per square foot was Rs
4,225. In the case of
residential properties, the realisation was Rs 3,733, while it was Rs 6,401
in the case of commercial. Last year, the average realisation was Rs 4,000 per
sq ft, which yielded sales of Rs 1,200 crore for the company. In the December
quarter alone, the company said it had booked properties of around 3 million
square feet. An executive said Unitech would now easily reach its annual sales
target of Rs 6,000 crore.
Unitech’s net profit had halved during September quarter of
the current financial year at Rs 177.6 crore, compared with Rs 358.92 crore in
the corresponding quarter of the previous financial year.
Developers such as Unitech, DLF and others faced slower
sales since the second half of 2008, as buyers deferred home buys
to save cash during the economic slowdown. However, developers are seeing a
revival in the property sales as the economy picks up
An executive from the country’s largest developer.DLF said the company had booked properties
worth Rs 1,000 cr in the month of December alone, which was a record in its
history.
Unitech, which sold such assets as hotel properties and
offices to reduce mounting debt, said it was working to complete past projects
by Mar 2011 and was adding 5,000 workers every quarter to complete
construction. The company currently has 22 million sq.ft in various
stages of construction across 31 projects, it said in the presentation.
The stock of Unitech gained 4.39 percent at Rs. 90.40 a
share by close of Monday’s trade on the Bombay Stock Exchange.
Raj Nagar Extension now offers a serene setting for a
pollution-free living with its new connectivity, which will cut down travel
time to Delhi, Noida and Greater Noida drastically, says Prabhakar Sinha
Connectivity is the key to development of an
area, especially for a housing real estate destination in a metro city like
Delhi. Better connectivity not only reduces commuting time but also bring down
cost of travel. And, if a new connecting road is developed because of rapid
development of the city, which not only speeds up traffic but also reduces
distance, it could prove a boon to a far-flung area. Raj Nagar Extension on
National Highway 58 (connecting NCR to Dehradun via Meerut) is going to benefit
by new roads, which are being constructed to de-congest the traffic flow in the
city.
To reduce the traffic load on the existing road
infrastructure, authorities are developing a new connecting road along the
Hindon canal, which connects the Noida toll bridge near the Metro station at
Ashok Nagar in Delhi on one end to the GT Road just before the bridge on Hindon
river on the other. This will enable one to bypass the congestion of Mohan
Nagar completely in reaching Raj Nagar Extension from Delhi, Noida, Vaishali,
Vasundhara and Indirapuram.
Because of these roads, if one travels along the Hindon
canal, the distance to South Delhi via the toll road is reduced by almost 30%,
while the distance to Noida Sector 63 via Indirapuram has come down by almost
50%. Raj Nagar is now only around 12km from Noida Sector 63, and around 15km
from Noida toll bridge. Not only this, the new approach road has brought down
travel time to less than half because of a smoother flow of traffic. Apart from
this, the area will soon be connected through a six-lane expressway connecting
GT Road with NH-24, which goes to Hapur. The Metro Rail is also knocking the
doors of Raj Nagar as there are plans to take it to Ghaziabad.
Further, the proposed flyover and road from Hindon airbase
will offer express connectivity to Delhi via Wazirabad. As per the latest
policy development, the proposed Delhi-Haridwar highway will also pass through
Raj Nagar Extension, further enhancing connectivity of the area.
Raj Nagar Extension is 25km from the Central Business
District of Connaught Place and only 12km from Delhi boarder. The area is yet
to be developed. This has given the authority and developers a chance to carry
on a planned development in the area. As it is near the bypass, one can travel to Delhi or other cities
without crossing the crowded areas of Meerut or Ghaziabad. Because of the
connectivity, which is coming up in the region, travel time to Delhi as well as
Noida from here has come down to 30 minutes; 10 minutes to Vasundhara, 15
minutes each to Indirapuram and Vaishali.
The most heartening aspect is that one can get a two-room
apartment in this area for around Rs 12 lakh. Developers are selling their
project at Rs 1,500 per sq ft to Rs 1,800 per sq ft. This makes Raj Nagar
Extension a one-stop destination for a wide band of middle-class end users,
offering choices ranging from a 1BHK for Rs 12 lakh to a 3BHK for 40 lakh, and
throwing in amenities likes entertainment zones, shopping arcades, and jogging
tracks.
The USP of this area is an adjoining perennially green and
unpolluted belt, which will remain undisturbed owing to the fact that Ghaziabad
Development Authority has declared 500 acres along Hindon river as a green belt
and banned all construction activity in the area, says director of Ashiana
Developers, Rohit Raj Modi, who is developing a housing project
“Ashiana Palm Court” in the region. This area is in the vicinity of posh
localities of Ghaziabad, like Raj Nagar, located centrally, yet buffered from
the hustle and bustle of the busy township of Ghaziabad.
Therefore, the location offers a serene setting for a
pollution-free living in a well-planned locale with good connectivity to Delhi,
Noida and Greater Noida, by way of the proposed expressways, said CEO of KDP
Manoj Goel, who is developing a housing project “Grand Savanna”.
With the new development in the road infrastructure, the
area will serve the middle-class needs of NCR, says SVP CEO Sunil Jindal. SVP
is developing SVP-Gulmohar, a housing complex in the region.
As planned by Uttar Pradesh government, a girl’s hostel, a
vocational college, and a training institute have also been announced in the
vicinity of Raj Nagar Extension. Work on these projects has already begun and
will accelerate development in the area. Fifteen realty firms are developing
over 10,000 apartments in the area. To expedite development in the region like connecting roads to Delhi,
Noida, Greater Noida, and Meerut, water supply, drainage system and
electricity connection, all the 15 developers have come together to form Raj
Nagar Extension (NH-58) Developer’s Association (RNEDA). The association
comprises developers like Ashiana Homes, SVP Group, SG Estates, Landcraft, KDP
Infrastructure Pvt Ltd, Shree Energy Developers Pvt Ltd, Ajnara India Ltd,
Ascent Buildtech, and also includes upcoming developers like High-End
Infratech, Krishna Asset Reconstruction, MCC Builders, Quantam Buildwell Pvt
Ltd and Shomit Finance Limited.
New Year is going to provide a good opportunity to the investors
in Indian real estate, since, Indian Economy is growing rapidly as well as the
real estate market is also gaining its strength. The real estate experts are
expecting that the prices of real estate is likely to go up in the current year
due to the end of global slowdown and Indian Market is especially out of such
nightmare. Buying Property in Indian cities is a foresight investment and will
certainly provide a good return in form of rent or through lease. And on other
hand the price of the property is also gaining a record increment.
NRIs
& Indians who are willing to invest their money in Indian market may
consider the real estate as one of the best options available. They can get a
assured return through their investment in Indian Real Estate. Both residential
real estate and commercial real estate are available in various locations in
Delhi & NCR, Gurgaon, Noida,
Greater Noida, Faridabad, Indirapuram and other major cities of India.
Buyers can now pick and choose the
brands of chandeliers, sanitary ware, kitchen appliances and even home
furnishings that would be fitted in their lavish condominiums as developers
jostle against each other to sell high-end houses priced upwards of Rs 1 crore.
The idea is to inject an element of
uniqueness in each flat in an apartment despite similar super-structures.
DLF, for instance, is allowing buyers of its super-premium
luxury projects such as Aralias, Belaire and Park Place at Gurgaon to use the services
of architects to specify the interior design. The alter ations allow changes in
bath fittings, flooring and minor tweaking in the structure.
"Our aim is to provide
exclusive living experience ensconced in luxury, which can only be taken care
of if we account for the unique tastes and preferences of the customers,"
a senior DLF executive told Hindustan Times.
Mumbai-based Ackruti City
Developers' have offered similar options. "We are offering four different
standards of customised interior options for an individual to choose from in our residential
project Jewell at Andheri in Mumbai," company chairman Hemant Shah
said.
"The idea behind the initiative
is to make living a unique and pleasurable experience for an individual buying
flats in the company's residential projects," Shah said.
Analysts, however, said developers
would have to carefully walk the wedge to ensure that there is no slip up in
quality. "The customers should ensure that the quality issues are taken
care off well," said Anuj Puri, chairman of real estate consulting firm
Jones Lang LaSalle Meghraj.
"Customisation requires redoing
the interiors of an apartment, which escalates the cost. While the buyer of a
luxury villa is willing to shell out extra money for the ambience, the same may
not be applicable for midincome buyers for whom price is the sole important
factor," said Ansal API
spokesperson.
Millennium Spire-- a Singaporebased
private equity fund --plans to offer customised options for its midincome
housing projects as well.
"Instead of the pre-conceived
built up apartments, we will offer floor areas for sale in which the end-user
would decide upon the number of rooms to be built on the area bought,"
Ashish Bhalla, managing director, Millennium Spire, said.
Bhalla said the company would launch
5,000 such units over the next few weeks at Gurgaon. These
"apartments-on-demand" will be priced in the range of Rs 2,500 to Rs
3,000 per sq ft. "Architectural customisation will be the unique selling
proposition for our houses," Bhalla said. Average size of a residential
unit has been coming down in recent years "We will give them such
choices.". The customisation bug, however, has not bitten all real estate
developers.
Unitech, Parsvnath and Omaxe said they
do not have any plans to offer any customisation in their apartments. "We
do not have any projects in our portfolio wherein we would like to offer
customisation to our customers," said R. Nagaraju, general manager
corporate planning, Unitech.
Spokespersons for Parsvnath and
Omaxe too denied any such offering by the companies in their real estate
projects.
Real estate in India is
subject to a multitude of taxes at both Central and state levels. This includes
the Central service tax (levied on construction) and state value added tax (on
works contract for construction and the building material used). At the state
level, buying a home means paying a hefty stamp duty and registration fee.
It is the common man who bears the
brunt of these taxes, which are passed on to the buyer by the real estate
developer, because the current system suffers from credit deficient mechanism.
The first discussion paper
apparently kept realty out of the purview of GST. This defeated the primary
purpose of introducing a seamless credit mechanism and lowering mass housing
costs. However, the tax model suggested by the 13th Finance Commission comes as
a breather as it recommends the following:
1. Levy GST on all newly constructed
property for the first sale and allow credit to the developer for input tax
(incurred on construction material and such like) paid at the time of
construction.
As a result, the cascading effect
under the existing regime shall be eliminated, leading to a possible reduction
in costs.
Under the proposed GST regime, the
tax paid on building materials and construction services i.e. the sum of Rs 1
lakh, would be reduced (by way of credit) from the builder's total cost of Rs
11 lakh, thus keeping down the final cost for the homebuyer.
2. Include stamp duty under GST to
facilitate input credit. Currently, stamp duty is not available as credit. In
the above example, assuming GST (in lieu of stamp duty) is applicable at 5 per
cent of Rs 10 lakh, a homebuyer shall have to pay GST of Rs 50,000 on the
purchase. This sum shall be available as credit to the buyer against GST
collected on a later sale.
3 All secondary market
transactions involving immovable properties should be liable to GST, and
the tax paid at the time of purchase should be available as credit. In the
aforesaid example, when first buyer `Y' sells the property to second buyer `Z',
the sale is again subject to GST. Now the tax paid by the first buyer, a sum of
Rs 50,000, is adjusted with that paid by the second buyer.
So, from a second-sale GST of, say,
Rs 75,000, the first buyer takes his Rs 50,000 and the rest goes to the
government.
If the Finance Commission's
suggestion is accepted, these steps are likely to bring about a reduction in
property prices and, in turn, may bring a dream house within reach.
With inputs from
Pratik Shah The author is tax partner with Ernst & Young, India
